SPDR Gold Shares (GLD) closed at $379.69 and the iShares Gold Trust (IAU) at $77.85 on October 19, 2026, down 4.2% and 4.1% for the year and up 0.7% and 0.6% over the 12 months from October 21, 2025, DataPorium data show [1]. Both funds fell 26.4% from their January 29 record close to their July 16 low and had recovered only about 4% by October 19 [1]. Investors still added money: global gold ETFs drew a record $31 billion in the third quarter of 2026 and holdings reached a record 4,256 tonnes in September, according to the World Gold Council [2].
How have GLD and IAU performed in 2026?
The two funds hold physical gold in vaults and track the metal almost exactly, so their results differ only by small amounts. Their daily returns had a correlation of 1.00 over the 12 months to October 19, 2026 [1].
| Measure | GLD | IAU |
|---|---|---|
| Close, October 21, 2025 | $377.24 | $77.38 |
| Close, December 31, 2025 | $396.31 | $81.17 |
| Record close, January 29, 2026 | $495.90 | $101.57 |
| 2026 closing low, July 16, 2026 | $364.96 | $74.80 |
| Close, October 19, 2026 | $379.69 | $77.85 |
| 12-month price return | +0.7% | +0.6% |
| 2026 year to date | -4.2% | -4.1% |
| Largest drop from a peak (January 29 to July 16) | -26.4% | -26.4% |
| Rise from the July 16 low | +4.0% | +4.1% |
| Annualized volatility of daily returns | 28.5% | 28.3% |
| Correlation of daily returns with VOO | 0.35 | 0.35 |
Source: DataPorium ETFs, daily closing prices of GLD, IAU and the Vanguard S&P 500 ETF (VOO), October 21, 2025 to October 19, 2026 [1]. Neither fund pays dividends, so price return equals total return. Volatility is the standard deviation of daily returns times the square root of 252.
The funds follow the gold price. The front-month gold future closed at $4,160.10 an ounce on October 19, 2026, 21.8% below its record close of $5,318.40 on January 29 [3]. GLD was 23.4% below its record close and IAU 23.4% [1]. The funds hold bullion and charge a yearly fee, while the futures price includes a premium for later delivery and is recorded at a different time of day, so the percentages differ slightly, most of all around volatile days such as January 29 and 30.
For comparison, VOO rose 14.2% over the same 12 months and 12.4% in 2026 through October 19, with a largest drop of 9.2% and volatility of 12.8% [1]. Gold funds were more than twice as volatile as the S&P 500 fund in this period.
How did gold ETFs move month by month in 2026?
Gold had three phases in 2026: a surge in January and February, a slide from March to June, and a choppy second half [1].
| Month (2026) | GLD | IAU | VOO | GLD average daily volume (shares) |
|---|---|---|---|---|
| January | +12.3% | +12.4% | +1.4% | 26.2 million |
| February | +8.7% | +8.6% | -0.8% | 16.2 million |
| March | -11.1% | -11.0% | -5.3% | 15.8 million |
| April | -1.5% | -1.5% | +10.5% | 7.5 million |
| May | -1.5% | -1.6% | +5.3% | 6.0 million |
| June | -11.7% | -11.7% | -1.2% | 8.3 million |
| July | +0.9% | +0.9% | 0.0% | 6.5 million |
| August | +9.9% | +9.9% | +2.7% | 11.6 million |
| September | -6.8% | -6.7% | -0.6% | 9.5 million |
| October (to the 19th) | -0.3% | -0.3% | +0.5% | 7.3 million |
Source: DataPorium ETFs, change in the last closing price of each month and average daily trading volume, January 2 to October 19, 2026 [1].
July to October: a rally that did not hold
From the July 16 low, GLD rose 17.3% to $428.07 on August 25 and IAU 17.3% to $87.76 [1]. September then took back most of August's gain, and on October 19 both funds were 11.3% below their August 25 closes [1]. In the third quarter as a whole, GLD gained 3.4% and IAU 3.4%, after first-half price losses of 7.1% and 7.0% [1].
What do we know about GLD and IAU flows in September 2026?
Flows measure money entering or leaving a fund through the creation and redemption of shares, and they are reported by the issuers, State Street for GLD and iShares for IAU, and compiled across funds by the World Gold Council. DataPorium's data cover prices and trading volume, not shares outstanding, so this article uses the council's published flow figures, with their dates.
| Period | Global gold ETF flows | North American gold ETF flows | Global holdings at end of period |
|---|---|---|---|
| First half of 2026 | Inflow of $8 billion | Outflow of $7.7 billion | 4,047 tonnes (June 30) |
| June 2026 | Outflow of $8.9 billion | Outflow of $5.5 billion | 4,047 tonnes |
| July 2026 | Inflow of $3 billion | Inflow of $71 million | 4,068 tonnes |
| September 2026 | Inflow of $10 billion | Inflow of $4.0 billion | 4,256 tonnes (record) |
| Third quarter of 2026 | Record inflow of $31 billion | Inflow of $12 billion | 4,256 tonnes (record) |
Source: World Gold Council, Gold ETF Flows reports for June 2026 and July 2026, and Gold ETFs holdings and flows, October 7, 2026 [4][5][2].
North American funds, the group that includes GLD and IAU, went from their weakest first half since 2013 to $12 billion of third-quarter inflows [4][2]. In September, global holdings rose 67 tonnes even as the value of gold ETF assets fell 7% to $574 billion, because the price drop outweighed the new money [2]. DataPorium's third-quarter gold and silver recap breaks those flows down by region [6].
Trading volume as a measure of activity
Trading volume counts shares changing hands between investors; it does not show whether money entered or left a fund. It does show when investors were most active. GLD traded an average of about $11.8 billion a day in January 2026, $2.4 billion in July, $4.7 billion in August, $3.8 billion in September and $2.8 billion in October through the 19th [1]. IAU averaged $2.0 billion a day in January and $0.4 billion in September [1]. GLD's busiest day in the 12 months was January 30, 2026, with 86.6 million shares traded as the fund fell 10.3% [1].
GLD vs IAU: what is the difference in cost?
The two largest U.S. gold trusts differ mainly in fee and share price. As listed on the issuers' fund pages when this article was first published on September 4, 2026, GLD, launched on November 18, 2004, charged a gross expense ratio of 0.40% and IAU a sponsor fee of 0.25% [7][8]. On a $50,000 position that is $200 a year against $125. Check the issuers' pages for current fees.
Over one year the fee gap is too small to see in prices: GLD's 12-month return of 0.65% and IAU's 0.61% to October 19, 2026 differ by less than the daily noise of closing prices [1]. Over long periods it adds up. As of June 30, 2026, iShares reported a cumulative ten-year return of 197.41% for IAU against 204.83% for the LBMA gold price it tracks, a gap close to the fee compounded [8]. GLD's advantage is trading depth: about $4.9 billion a day on average over the 12 months to October 19, 2026, against $0.8 billion for IAU [1].
What role does gold play in a portfolio?
Our analysis of DataPorium's price data shows that GLD and VOO had a correlation of 0.35 in daily returns over the 12 months to October 19, 2026: gold often moved apart from U.S. stocks, but not always in the opposite direction.
- Diversifier, not income: gold pays nothing, so its return is entirely price; the 26.4% drawdown from January to July 2026 shows the volatility that comes with that [1].
- Different months: in April 2026 VOO rose 10.5% while GLD fell 1.5%, but in March both fell, GLD by 11.1% and VOO by 5.3% [1].
- Long-run record: State Street reported GLD's annualized net asset value return at 12.84% over ten years and 19.76% over five years to August 31, 2026 [7].
- Rates: gold pays no interest, so higher bond yields raise the cost of holding it; DataPorium's commodities page shows the daily gold price alongside other futures [3].
Key takeaways
- GLD closed at $379.69 and IAU at $77.85 on October 19, 2026, down 4.2% and 4.1% for the year [1].
- Both funds fell 26.4% from January 29 to July 16, 2026, rose 17.3% to August 25, and ended 11.3% below that level on October 19 [1].
- Global gold ETFs drew a record $31 billion in Q3 2026, $12 billion of it in North America, and holdings reached a record 4,256 tonnes [2].
- GLD traded about $4.9 billion a day over the 12 months to October 19, 2026, against $0.8 billion for IAU [1].
- GLD's daily returns had a correlation of 0.35 with VOO, and its volatility of 28.5% was more than twice VOO's 12.8% [1].
Frequently asked questions
Did GLD have inflows in September 2026?
Fund-level flows are reported by State Street, but North American gold ETFs as a group took in $4.0 billion in September 2026 and $12 billion in the third quarter, according to the World Gold Council [2][7].
How much gold do ETFs hold in 2026?
Global gold ETF holdings reached a record 4,256 tonnes in September 2026, up from 4,047 tonnes at the end of June, according to the World Gold Council [2][4].
Is GLD or IAU better?
Their returns were nearly identical: 0.65% for GLD and 0.61% for IAU over the 12 months to October 19, 2026 [1]. IAU had the lower fee (0.25% against 0.40% as of September 4, 2026); GLD trades about six times as much in dollar terms [1][7][8].
How much has gold fallen in 2026?
Gold futures closed at $4,160.10 on October 19, 2026, 21.8% below the January 29 record of $5,318.40 and 4.2% lower for the year [3].
Sources & References
- [1] DataPorium ETFs (GLD, IAU and VOO daily prices and trading volume)
- [2] World Gold Council, Gold ETFs holdings and flows, October 2026 (published October 7, 2026)
- [3] DataPorium Commodities: Gold, Silver and Oil Futures Prices
- [4] World Gold Council, Gold ETF Flows: June 2026
- [5] World Gold Council, Gold ETF Flows: July 2026
- [6] DataPorium, Gold and Silver in Q3 2026: Record ETF Buying, Choppy Prices (October 14, 2026)
- [7] State Street SPDR Gold Shares (GLD) fund page and performance
- [8] iShares Gold Trust (IAU) fund page and performance